Fidelity Bank is one of the leading banks in Nigeria and offers a wide range of financial products and services to its customers.
One of these products is its loan offerings, which are designed to meet the diverse needs of its customers. In this article, we will discuss Fidelity Bank’s loan products and their features.
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Personal Loans
Fidelity Bank’s personal loans are designed to meet the financial needs of individuals. These loans can be used for a variety of purposes, including home renovations, weddings, education, and other personal expenses. The bank offers two types of personal loans, which are:
Fidelity Easy Loan
The Fidelity Easy Loan is a personal loan that requires no collateral or guarantor. The loan amount ranges from N10,000 to N2 million, and the repayment period is up to 24 months. The interest rate for the Fidelity Easy Loan is 2.95% per month, and the processing fee is 1% of the loan amount.
Fidelity Personal Loan
The Fidelity Personal Loan is a loan that requires collateral or a guarantor. The loan amount ranges from N1 million to N10 million, and the repayment period is up to 48 months. The interest rate for the Fidelity Personal Loan is 3.5% per month, and the processing fee is 1% of the loan amount.
Business Loans
Fidelity Bank offers various loan products designed to meet the financial needs of businesses. These loans can be used for various purposes, including working capital, equipment purchase, and expansion. The bank offers two types of business loans, which are:
Fidelity SME Loan
The Fidelity SME Loan is designed to meet the financial needs of small and medium enterprises (SMEs). The loan amount ranges from N500,000 to N10 million, and the repayment period is up to 48 months. The interest rate for the Fidelity SME Loan is 3.5% per month, and the processing fee is 1% of the loan amount.
Fidelity Commercial Loan
The Fidelity Commercial Loan is designed to meet the financial needs of large businesses. The loan amount ranges from N10 million to N500 million, and the repayment period is up to 60 months. The interest rate for the Fidelity Commercial Loan is 3.75% per month, and the processing fee is 1% of the loan amount.
Mortgage Loans
Fidelity Bank also offers mortgage loans to help individuals and families achieve their dream of owning a home. The bank offers two types of mortgage loans, which are:
Fidelity Mortgage Loan
The Fidelity Mortgage Loan is designed for individuals who want to purchase or build a home. The loan amount ranges from N5 million to N50 million, and the repayment period is up to 20 years. The interest rate for the Fidelity Mortgage Loan is 20% per annum, and the processing fee is 1% of the loan amount.
Fidelity Hybrid Mortgage
The Fidelity Hybrid Mortgage is a mortgage loan that combines the features of a mortgage loan and a personal loan. The loan amount ranges from N5 million to N50 million, and the repayment period is up to 20 years. The interest rate for the Fidelity Hybrid Mortgage is 23% per annum, and the processing fee is 1% of the loan amount.
Requirements for Fidelity Bank Loan
To apply for a Fidelity Bank loan, the following requirements must be met:
The applicant must be a Nigerian citizen or a resident in Nigeria.
The applicant must be at least 18 years old.
The applicant must have a steady source of income.
The applicant must have a valid means of identification, such as a national identity card
Overall, Fidelity Bank’s loan products are a great option for those looking for a reliable financial partner to help meet their financial needs. The bank’s commitment to customer satisfaction and its focus on providing innovative and tailored financial solutions has helped it to remain a leading financial institution in Nigeria.
